Daily Pivots: (S1) 0.9961; (P) 0.9981; (R1) 0.9994; More

Break of 0.9949 minor support suggests that correction from 1.0056 is heading lower. Intraday bias is turned mildly to the downside for deeper fall. But we’d expect strong support from trend line (now at 0.9809) to contain downside to bring rebound. On the upside, firm break of 1.0056 will confirm rise resumption for 1.0342 key resistance.

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In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds.

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